Business interruption insurance term used when ‘gross profit’ is defined as the amount by which the sum of the amount of the turnover and the amounts of the closing stock and work-in-progress shall exceed the sum of the amounts of the opening stock and the amount of the specified working expenses. In short, it is sales minus the cost of goods sold.
Insurance Encyclopedia
Difference in Condition Policy
An Insurance Policy purchased to standardize variations in the cover provided by Coal Insurers in different Countries.
Difference in conditions (DIC)
Property insurance obtained through the excess and surplus lines market to supplement and expand on the property coverage available through admitted markets. DIC has been called the property umbrella policy.
Difference in conditions (Property Insurance)
A contract separate from the existing policy that complements or increases the property insurance, so that the property is now protected from all risks, minus some exclusions.
Difference in conditions insurance
A master policy purchased by a multinational company to fill the gaps in cover that may arise through differences arising in insurances purchased locally in different overseas countries. The master policy only operates for risks not covered under local policies. It ‘tops up’ the cover to the level desired by the organisation as a whole. See difference in limits. In property insurance it may take the form of an ‘all risks’ cover on a large risk to supplement underlying insurances arranged on a named peril basis.
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Insurance contract that expands or supplements underlying property Insurance written on a named peril basis so as to cover that property on an All Risk basis, subject to stated exclusion designed to prevent overlaps with the underlying coverage.
Difference in limits
Operates in the same way as difference in conditions insurance by providing excess limits of indemnity over the limits of locally arranged insurances purchased overseas.
Difference in Perils
See: “Industrial All Risks Insurance.”
Difference Insurance
A fire insurance covering the difference between the value of property at the time of a fire and its reconstruction or replacement value.
Difference-In Conditions (DIC)
Difference-in-conditions (DIC) is a form of property insurance that is purchased to obtain coverage for perils not covered in most commercial property policies. The DIC policy excludes fire and extended coverage perils but provides “all risks” coverage otherwise. Often the coverage is purchased to cover flood, earthquake, collapse, and water damage. The coverage is often written on an inland marine basis. (See Inland Marine).
Digital
1. Pertaining to fingers or toes. 2. Of or relating to the technology of computers and data communications wherein all information is encoded as bits of 1s or 0s (binary digits) that represent electrical on or off signals and can be stored in computer memory.